Students of property development may be interested in the future for the old Radio Times/BBC London/BBC Training/BBC Trust building at 35 Marylebone High Street. The BBC finally got out in 2011, and claimed to be "saving" (i.e. not paying) £300m over the remaining years of its lease. The head lease was then owned by Conegate, the property vehicle of West Ham co-owner David Sullivan, who started out in real estate attempting to own a "Private" sex shop in every UK town.
As the BBC left, Conegate sold their 999-year lease to Scottish Widows Investment Partnership for £32.3m.
In June last year SWIP won planning consent allowing a change of use for the office space to residential (Cheers, Mr Cameron) with a scheme by posh architects Dixon Jones. The ground floor will stay retail, but the rest of the site becomes 19 flats and five townhouses - none of them "affordable", but there's a cash commitment of £8.7m to Westminster. The development is to be called "Marylebone Gardens". Yesterday the site was sold to Ken Parker's Royalton property developers for £75m.
Conservatively, 19 flats, at, say £5m each, and five town-houses at, say £9m, could bring £140m - however complex the construction, plenty of room for a nice Royalton profit.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment